Marlins president confirms team signed agreement to sell to Jeter group

After it was reported Friday that the Miami Marlins were sold to the bidding group led by Derek Jeter and venture capitalist Bruce Sherman for $1.2 billion, team president David Samson confirmed the news Saturday at Marlins Park.

"Yesterday at about 11:30 p.m. we finalized an agreement with a group led by Bruce Sherman (and) Derek Jeter to purchase the Marlins from Jeffrey Loria. We submitted that agreement to Major League Baseball for its approval," Samson told reporters, according to the Miami Herald's Clark Spencer.

Samson said Loria was impressed by the group of investors, of which there are reportedly 16, including NBA legend Michael Jordan.

"It was very important from Jeffrey's standpoint that there was an ownership group that had not just connections to Miami but an understanding of what it means to be in Miami and run a team like the Miami Marlins and all the possibility that comes from being in a great city like ours," he said.

MLB's owners will vote to approve the purchase in September, Samson said. He expects the deal to be closed in early October.